College Loan Re-payment for families

3 replies [Last post]
gotellsparta's picture
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Joined: 2006-08-04

I'm a recent graduate from UTexas and have been thinking about different methods for paying off my student loan schedule.  I've thought of the amortizatation schedule and how more frequent payments than monthly would help lower the total amount of interest I would have to pay.  I locked in at 2.77% last June and used my one allotted consolidation up so I've mostly been working on getting debt with higher interest paid off first (car, ~500 on a credit card).  Is there a smarter way to work on getting the 30K in student loans paid off?      

troll's picture
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Joined: 2004-11-29

why in the world are you worried about paying off debt  with a  cost of funds of 2.77%?  especially when you have other  loans to pay down.  you can probably deposit your  savings in a money market and earn more than 2.77%.
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NASD Newbie's picture
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Joined: 2005-08-01

joedabrkr wrote:why in the world are you worried about paying off debt  with a  cost of funds of 2.77%?  especially when you have other  loans to pay down.  you can probably deposit your  savings in a money market and earn more than 2.77%.

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Nothing is more impressive than a financial advisor who is not sure if money market funds are paying more than 2.77%

troll's picture
Offline
Joined: 2004-11-29

NASD Newbie wrote:joedabrkr wrote:why in the world are you worried about paying off debt  with a  cost of funds of 2.77%?  especially when you have other  loans to pay down.  you can probably deposit your  savings in a money market and earn more than 2.77%.
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Nothing is more impressive than a financial advisor who is not sure if money market funds are paying more than 2.77%touche sir editor.I suppose in the end I could say that I didn't want to assume he was bright enough to find a money market fund which was paying more than 2.77%.   
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